Conservative Groups and Officials Back Texas in Canceling Investment with BlackRock

📆 4/9/2024 5:30 PM
📰 FoxBusiness

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Politics News

Conservative Groups,Elected Officials,Texas

A wide coalition of conservative groups and elected officials support Texas' decision to cancel an $8.5 billion investment with BlackRock, a New York-based asset manager. Led by the State Financial Officers Foundation (SFOF), 43 groups and officials commend Texas State Board of Education Chairman Aaron Kinsey's actions in severing ties with BlackRock.

FIRST ON FOX: A wide coalition of dozens of conservative groups and elected officials are backing Texas in response to the state's decision to cancel an $8.5 billion investment with trillion-dollar asset manager BlackRock, a New York-based asset manager.

On March 21, two days after Kinsey made that announcement, BlackRock Vice Chairman Mark McCombe issued a letter to him saying the firm was "dismayed" and arguing the action puts "short-term politics over your long-term fiduciary responsibilities." He defended BlackRock's actions, stating they were in accordance with the law and that they do not engage in a boycott of the traditional energy sector.

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